I 


DISCUSSION  ON  FINANCE. 

4 

«  ~ - 

GREENBACKS  A  LEGAL  TENDER  FOR  ALL  DEBTS,  PUBLIC  AND  PRIVATE, 
EXCEPTING  ONLY,  INTEREST?  ON  THE  PUBLIC  DEBT 
AND  DUTIES  ON  IMPORTS. 

NATIONAL  BANK  NOTES  A  LEGAL  TENDER  IN  PAYMENTS  TO  AND  FROM  THE 
GOVERNMENT  FOR  ALL  DEMANDS,  EXCEPTING  ONLY,  IN¬ 
TEREST  ON  THE  PUBLIC  DEBT  AND  DUTIES  ON  IMPORTS. 


READ  TUTS  LAW! 


* 


<=, .  1 ^  . 

•  “IX  <o  Z  \ 


P  m 


DISCUSSION  OU  FINANCE 


From  THE  HEW  YORK  MERCANTILE  JOURNAL  of  Sept  23.— In  continuation. 

♦ 

Scene:— Editorial  Rodins  of  The  New  York  Mercantile  Journal,  Sept.  4,  1869. 

*  *  *  I  hope  you  will  not  be  offended  if  I  talk 

■R' — Let  me  make  an  inquiry  just  here,  plainly,  even  should  it  cut  rather  close. 

Do  I  understand  you  correctly  in  this  mat-  R.—  Proceed.  I  trust  that  I  am  quite 
ter  ?  I  infer  that  you  desire  an  issue  by  the  prepared  for  all  that  you  may  have  to  say. 
Government  of  legal  tender  paper  money,  I  have  no  fears  that  you  will  disturb  me, 
which  shall  be  used  in  paying  duties,  and  provided  that  you  confine  yourself  to  a  plain 
also  for  redeeming  the  Government  bonds,  statement  of  facts. 

G- — I  intended  that  you  should  under-  O. — I  shall  rely  upon  the  law.  of  the  land 

stand  that  we  advocate  the  demonetizing  of  to  back  up  my  statements.  Mark  what  I 
gold  and  silver.  Those  metals  are  mere  ar-  say,  the  law.  Is  that  good  authority  ? 
tides  of  merchandise,  and  should  be  so  con-  R, — Certainly  ;  we  must  obey  the  laws  ; 

sidered.  Hence,  working  under  our  plan,  therefore,  it  is  perfect  authority.  But  what 
we  would  have  no  other  currency  except  do  you  intend  proving  by  such  reference  ? 
that  based  upon  the  pledge  of  the  entire  na-  G. — Nothing  less  than  that  your  and  such 

tional  wealth ;  it  would,  therefore,  necessarily  as  you  who  clamor  for  the  payment  of  the 
be  used,  as  we  have  often  stated,  emphati-  5.20’s  and  other  bonds  of  the  Government, 
cally,  for  all  purposes.  as  they  stand  to-day,  in  gold,  while  the 

R- — To  me  this  sounds  like  the  doctrine  greenbacks  remain  as  now — partial  dollars 
of  repudiators.  I  hope  that  you  do  not  de-  only — with  no  provision  for  their  redemp- 
sire  to  have  the  national  debt  repudiated .  tion,  are  the  worst  of  repudiators.  You 
— What  have  I  said  at  this  time,  or  have  the  hardihood  to  repudiate  the  green- 
whathave  you  ever  read  in  The  Mercantile  backs,  which  are  the  most  sacred  obligations 
Journal  that  would  lead  you  to  think,  for  a  of  the  Government — its  forced  loan ;  while 
single  moment,  that  we  desire  to  see  the  myself,  and  others  of  like  faith,  aj*e  en- 
nation  so  terribly  disgraced  ?  I  am  pleased,  deavoring  to  obtain  a  fair  recognition  of  the 
however,  that  you  made  the  suggestion,  for  rights  of  the  people  under  the  laws,  not  as 
it  gives  me  a  fine  opportunity  to  talk  to  you  we  would  like  to  have  them,  but  as  they 
a  little  more  pointedly  than  I  had  intended,  stand  on  the  statute  books  to-day.  Like  the 


4  DISCUSSION 

Pharisees  of  old,  you  strain  at  a  gnat,  but 
swallow  a  camel. 

R. — This  is  rather  pointed.  Why  do  you 
call  me  a  repudiator  ?  Are  you  in  earnest  ? 

G. — I  call  you  a  repudiator  simply  be¬ 
cause  I  know  of  no  word  which  would  better 
express  my  meaning.  I  am  most  positively 
in  earnest. 

JR. — I  cannot  understand  how  you  should 
come  to  such  a  conclusion.  I  fear  that  I  do 
not  fully  get  the  idea  you  mean  to  convey. 

G. — I  will  repeat  it, then.  X  say  that  Sec¬ 
retary  Boutwell,  and  all  those  who  uphold 
him  in  his  policy  of  buying  5.20  bonds  at  a 
'premium  of  twenty  per  cent.,  making  pay¬ 
ment  in  greenbacks,  are  repudiators.  Please 
remember  that  I  do  not  say  that  they  all  are 
aware  of  the  fact.  It  is  probably  only  ig¬ 
norance  on  Mr.  Boutwell’s  part;  and  others 
have  been  led  to  believe  it  all  right,  because 
they  have  not  given  the  matter  a  serious 
thought.  It  would  be  unkind  to  insinuate 
that  the  Secretary  of  the  Treasury  has  not 
given  the  matter  special  consideration. 

JR. — The  law  authorizes  Mr.  Boutwell  to 
make  purchases  of  bonds. 

G. — You  cannot  show  me  any  law  which 
gives  such  authority. 

R. — I  think  I  can  satisfy  you  that  you  are 
mistaken. 

G. — I  would  prefer  that  you  save  yourself 
that  useless  labor.  Mr.  Boutwell  himself 
knows  better. 

R. — Why  do  you  say  that  ? 

G. — Simply  because  it  is  a  fact  of  which 
we  have  abundant  evidence.  The  bonds 
purchased  are  being  held  by  him  subject  to 
the  order  of  Congress. 

R. — Well,  what  would  you  have  done  un¬ 
der  the  circumstances,  if  you  had  been  at 
the  head  of  the  Treasury  department  ?  You 
know  the  money  market  was  exceedingly 
stringent  just  before  the  purchase  of  bonds 
was  commenced.  The  rate  of  interest  on 
Wall  street  was  reported  as  high  as  f  of  one 
per  cent,  a  day,  or  the  enormous  rate  of  two 
hundred  and  seventy-four  per  cent,  per  an¬ 
num,  which  would  reach  a  sum  several  times 


ON  FINANCE. 

the  amount  of  the  principal,  if  paid  every 
day,  for  one  year  ;  in  fact  there  was  a  panic 
among  the  stock  operators  and  money  lend¬ 
ers. 

G. — In  replying  to  your  question,  I  desire 
to  remind  you,  first,  that  the  great  stringency 
in  the  currency  market  was  occasioned  prin¬ 
cipally  by  the  heavy  sales  of  government 
gold,  made  by  order  of  Mr.  Boutwell,  and 
the  hoarding  of  the  legal,  tender  notes  re¬ 
ceived  therefor.  *  That  was  the  origin  of  the 
difficulty.  To  have  corrected  that  difficulty 
after  it  was  brought  about,  I  should  have 
offered  to  pay  those  5.20  bonds,  upon  which 
the  5  year  option  had  expired,  in  legal  ten¬ 
der  notes,  dollar  for  dollar,  accrued  interest 
of  course  additional. 

R. — That  would  not  have  answered. 
Those  bonds  are,  by  law,  made  payable  in 
gold.  Nobody  would  have  accepted  your 
offer. 

G. — We  differ  on  the  point  of  law,  very 
materially,  I  notice.  As  I  have  the  law  at 
hand,  let  me  read  Section  One,  of  the  Act  of 
July  II,  1862, /which  you  will  observe  is  a 
portion  of  the  bill  under  which  the  legal 
tender  notes  were  issued.  It  is  very  plain 
indeed  : 

Section  1.  Be  it  enacted  by  the  Senate  and 
House  of  Representatives  of  the  United  States 
of  America  in  Congress  assembled,  That  the 
Secretary  of  the  Treasury  is  hereby  author¬ 
ized  to  issue,  in  addition  to  the  amounts 
heretofore  authorized,  on  the  credit  of  the 
United  States,  one  hundred  and  fifty  millions 
of  dollars  of  United  States  notes,  not  bear¬ 
ing  interest,  payable  to  bearer  at  the  trea¬ 
sury  of  the  United  States,  and  of  such  de¬ 
nominations  as  he  may  deem  expedient  : 
Provided ,  That  no  note  shall  be  issued  for 
the  fractional  part  of  a  dollar,  and  not 
more  than  thirty-five  millions  shall  be  of 
lower  denominations  than  five  dollars; 
and  such  notes  shall  be  receivable  in  pay¬ 
ment  of  all  loans  made  tp  the  United  States, 
and  of  all  taxes,  internal  duties,  excises, 
debts,  and  demands  of  every  kind  due  to 
the  United  States,  except  duties  on  imports 
and  interest,  and  of  all  claims  and  demands 
against  the  United  States,  except  for  mterest 
upon  bonds,  notes .  and  certificates  of  debt  or 
deposit ,  and  shall  also  be  lawful  money  and 
a  legal  tender  in  payment  of  all  debts,  publio 


DISCUSSION  ON  FINANCE, 


5 


and  private,  'within  the  United  States,  except 
duties  on  imports  and  interest,  as  aforesaid. 
And  any  holder  of  said  United  States  notes 
depositing  lany  sum  not  less  than  fifty  dol¬ 
lars,  or  some  multiple  of  fifty  dollars,  with 
the  Treasurer  of  the  United  States,  or  either 
of  the  assistant  treasurers,  shall  receive 
in  exchange  therefor  duplicate  certificates 
of  deposit,  one  of  whicl}  may  be  transmitted 
to  the  Secretary  of  the  Treasury,  who  shall 
thereupon  issue  to  the  holder  an  equal 
amount  of  bonds  of  the  United  States, 
coupon  or  registered,  as  may  by  said  holder 
be  desired,  bearing  interest  at  the  rate  of 
six  per  centum  per  anuum,  payable  semi¬ 
annually,  and  redeemable  at  the  pleasure 
of  the  United  States  after  five  years,  and 
payable  twenty  years  from  the  date  thereof  : 
Provided ,  however,  That  any  notes  issued 
under  this  act  may  be  paid  in  coin,  instead 
of  being  received  in  exchange  for  certificates 
of  deposit,  as  above  specified,  at  the  direc¬ 
tion  of  the  Secretary  of  the  Treasury.  *  *  * 

R. — But  that  law  was  passed  in  1862. 
Congress,  at  its  last  session,  passed  a  bill 
which  was  intended  to  strengthen  the  Na¬ 
tional  credit.  The  latter  bill,  being  subsequent 
to  the  legal  tender  act,  takes  precedent.  It 
states  plainly  that  the  5.20  bonds  shall  be 
paid  in  gold.  What  have  you  to  say  in  re¬ 
ply  to  that  ? 

G. — That  bill  is  not  worthy  of  mention. 
There  is  really  nothing  in  it.  I  might,  with 
propriety,  say  that  it  is  merely  a  conglomer¬ 
ation  of  words*  calculated  to  deceive  the 
stupid — only.  Notwithstanding  that  the 
bill  declares  that  the  5.20  bonds  shall  be 
paid  in  coin,  still  it  has  no  force,  for  the 
reason  that  it  futther  declares  that  the  bonds 
shall  not  he  paid  at  all ,  until  greenbacks  are 
made  equal  with  gold.  I  claim  that  is  really 
the  same  thing  as  stating  that  the  bonds  are 
payable  in  legal  tender  notes,  or  their  equiv¬ 
alent.  It  is  an  axiom,  that  things  that  are 
equal  to  the  same  thing,  are  equal  to  each 
other.  Furthermore,  I  boldly  declare  that 
the  last  Congress  had  no  right  to  meddle 
with  this  matter  of  payment  of  the  bonds. 
The  contract  was  previously  consummated 
between  the  Government  and  the  bond  hold¬ 
ers,  and  that  contract  should  be  carried  out 
both  in  letter  and  spirit. 


R. — As  you  claim  that  the  last  Congress 
ought  to  have  left  the  matter  alone,  pray 
tell  me  who  should  have  settled  the  differ¬ 
ences  of  opinion  that  existed. 

0. — Most  decidedly  do  I  think  that  Con¬ 
gress  “  ought  to  have  left  the  matter  alone." 
We  have  courts,  maintained  at  great  ex¬ 
pense — which  are  supposed  to  dispense  jus¬ 
tice — to  determine  the  equity  of  such  cases. 
Let  me  read  for  your  edification,  Section 
Twenty-three,  of  the  National  Bank  Act.  It 
will  probably  astonish  you  somewhat,  not¬ 
withstanding  the  most  important  portion  of 
it  is  printed  upon  the  backs  of  all  the  Na¬ 
tional  Bank  Notes.  It  is  quite  probable  that 
not  five  persons  out  of  a  hundred  have  ever 
read  it : 

i(And  be  it  further  enacted,  That  after  any 
such  association  shall  have  caused  its  prom¬ 
ise  to  pay  such  notes  on  demand  to  be  sign¬ 
ed  by  the  president  or  vice-president  and 
cashier  thereof,  in  such  manner  as  to  make 
them  obligatory  promissory  notes,  payable 
on  demand,  at  its  place  of  business,  such  as¬ 
sociation  is  hereby  authorized  to  issue  and 
circulate  the  same  as  money  ;  and  the  same 
shall  be  received  at  par  in  all  parts  of  the 
United  States,  in  payment  of  taxes,  excises, 
public  lands,  and  all  other  dues  to  the  Uni¬ 
ted  States,  except  for  duties  on  imports; 
and  also  for  all  salaries  and  other  debts  a\d 
demands  owing  by  the  United  States  to  individ¬ 
uals,  corporations,  and  associations  within  the 
United  States,  except  interest  on  the  public  debt, 
and  in  redemption  of  the  national  currency. 
And  no  such  association  shall  issue  post 
notes  or  any  other  notes  to  circulate  as 
money  than  such  as  are  authorized  by  thfe 
foregoing  provisions  of  this  act." 

R. — Excuse  me  ;  but  right  here  let  me 
make  an  inquiry.  Do  you  assert  that 
with  gold  demonetized,  government  tokens  ' 
based,  as  you  say,  upon  the  entire  national 
wealth  will  retain  a  steady  position,  and  be 
a  complete  measure  ?  Is  that  your  idea  ? 

G. — I  claim  that  subh  tokens  will  most 
dertainly  be  a  perfect  measure — which  gold 
and  silver  never  have  been— provided  that 
the  volume  of  those  tokens  shall  be  made 
self-adjusting,  by  making  them  interchange¬ 
able  with  bonds  bearing  a  fixed  rate  of  in- 


e 


DISCUSSION  ON  FINANCE. 


terest.  Such  adjustment  will  make  their 
value  as  uniform  as  the  governor  makes  the 
motion  of  a  steam  engine. 

B. — A  very  plausible  theory,  undoubted¬ 
ly,  but  I  think  defective.  You  argue  upon 
the  idea  that  the  paper  token  may  be  kept 
in  a  steady  position  (as  regards  its  purchas¬ 
ing  power)  by  adapting  its  volume  to  the 
ever-changing  conditions  of  trade,  but  you 
forget  one  thing;  i.e.,  it  will  not  be  possible 
to  govern^  token  such  as  you  propose  by 
the  law  of  supply  and  demand  alone,  for  it 
is  subject  to  an  influence  that  gold  and  sil¬ 
ver  are  entirely  free  from,  namely,  the  de¬ 
gree  of  confidence  that  may  be  felt  from  time 
to  time  in  the  Government. 

G. — What  am  I  to  understand  by  the  ex¬ 
pression  “  the  degree  of  confidence  that  may 
be  felt  from  time  to  time  in  the  Govern¬ 
ment  ?”  Which  do  you  question,  the  ability 
or  the  good  faith  of  the  Government,  in 
fulfilling  its  obligations  ? 

B. — Either  case  being  considered  a  possi¬ 
bility,  what  then  ? 

G. — The  most  skeptical  can  have  no  doubt 
as  to  its  ability  to  meet  all  obligations.  And 
as  to  good  faith,  when  that  becomes  extinct, 
through  the  corruption  of  the  masses,  we 
shall  have  lost  that  which,  mainly,  makes 
life  enjoyable. 

B. — You  say,  then,  that  such  legal  tender 
paper  money  tokens,  as  you  advocate — issued 
by  the  Government — “will' most  certainly  be 
perfect  measures  .of  values — which  gold  and 
silver  never  have  been — provided  that  the  vol¬ 
ume  of  those  tokens  shall  be  made  self-ad¬ 
justing,  by  making  them  interchangeable  with 
bonds  bearing  interest  at  a  fixed  rate.” 

G. — You  evidently  understand  my  meaning 
fully. 

B. — Allow  me  to  inquire  what  is  the  ob¬ 
ject  of  the  “  Currency  Reform  Association,” 
which  is  now  forming  ? 

G. — In  replying  to  this  question,  I  cannot 
do  better  than  read  to  you  the  resolutions 
which  were  unanimously  adopted  at  a  pri¬ 
vate  meeting  of  prominent  merchants,  bank¬ 


ers,  and  capitalists,  recently  held  in  this  city, 
which  is  a  full,  but  concise, 

“  Declaration  of  Principles.” 

Whereas,  the  history  of  the  United  States, 
as  well  as  that  of  every  other  nation,  has 
been  marked  by  frequent  money  panics,  in¬ 
volving  severe  losses,  through  the  derange¬ 
ment  of  business  and  consequent  embarrass¬ 
ment  to  all  industrial  and  commercial  inter¬ 
ests,  causing  great  suffering,  and  materially 
retarding  the  progress  of  national  as  well  as 
individual  prosperity ;  and 

Whereas,  it  is  evident  that  these  periodi¬ 
cal  disturbances  of  trade  have  been  caused 
by  a  blind  subserviency  to  a  false  monetary 
system  ;  a  system  which  fails  to  recognize 
the  fact  that  all  values,  not  excepting  gold 
and  silver,  are  constantly  changing,  and  are 
estimated,  from  time  to  time,  only  by  way 
of  comparison,  and  then,  necessarily,  in  a 
very  indefinite  manner  ;  thus  making  ordin¬ 
ary  business  calculations  of  uncertain  ac¬ 
curacy  and  unstable  character  ;  and 

Whereas,  second  only  in  importance  to  the 
joint  and  harmonious  action  of  capital  and 
labor,  is  a  properly  regulated  supply  of 
currency,  based  upon  sound  financial  prin¬ 
ciples,  and  the  first  requisite  for  business  be¬ 
ing  a  token  recognized  thoughout  the  land 
as  a  dollar  ;  and 

Whereas,  in  the  interchangeability  of 
currency  with  government  bonds  bearing  a 
fixed  rate  of  Jnierest,  we  recognize  a  subtle 
principle  that  will  regulate  the  movements  of 
Finance  and  Commerce,  as  accurately  as  the 
motion  of  the  steam  engine  is  regulated  by 
its  governor  ;  therefore,  making  such  dollar 
'  tokens ,  measures  of  values  much  more  perfect 
and  stable  than  gold  and  silver  ;  and 

Whereas,  we  believe ‘that,  with  a  sound 
currency,  many  of  the  evils  which  have  come 
upon  the  country  through  strikes  of  laboriug 
men,  and  the  numerous  embarrassments 
which  grow  out  of  the  uncertainties  of  trade, 
may  be  avoided;  and  realizing  that  great 
benefits  must  accrue  to  all,  through  the  ad¬ 
vantages  atising  from  an  ample  supply  of 
money  tokens  ;  Therefore,  be  it  resolved  ; 

First — That  it  is  our  duty  as  citizens, 
to  urge  upon  public  attention  the  necessity 
for  such  a  reform  of  our  monetary  system  as 
shall  fully  accord  with  the  spirit  of  our  free 
institutions  ;  giving  to  the  people  a  perfect 
legal-tender  dollar  token ,  issued  by  the  Gov¬ 
ernment,  and,  thereby,  based  upon  the  en¬ 
tire  national  wealth. 

Second— That  in  order  to  absorb  any 
surplus  of  such  amounts  of  these  money  to¬ 
kens  as  may  at  any  time  exist,  over  and 


DISCUSSION  ON  FINANIE. 


1 


above  the  sum  required  to  meet  the  legiti¬ 
mate  demands  of  trade  ;  and  to  inaugurate 
a  self-adjusting  system,  which  shall  he  be¬ 
yond  the  control  of  all  cliques,  the  Govern¬ 
ment  should  issue  in  exchange  for  such  tokens 
— when  required  by  any  person  presenting 
the  same  in  sums  of  one  thousand  dollars  or 
its  multiple— bonds  bearing  interest  at  the 
rate  of  3.65-100  per  centum  per  annum  ;  said 
bonds  being  made  payable,  in  the  perfected 
legal-tender  tokens,  on  demand;  interest 
payable  semi-annually  until  the  prin¬ 
cipal  is  demanded,  and  then  in  full  to 
date. 

Third— That  we  organize  an  Associa¬ 
tion,  having  for  its  object  the  advocacy  of 
the  issue  of  paper  money  by  the  Govern¬ 
ment,  which  shall  be  a  legal  tender  for  all 
purposes  whatever,  and  also  convertible  at 
the  option  of  the  holder,  into  bonds  bear¬ 
ing  interest ;  said  bonds  being  convertible, 
on  demand,  into  said  legal  tenders. 

B. — If  the  substance  of  those  resolutions 
were  embodied  in  a  bill,  and  at  the  next  ses¬ 
sion  of  Congress  it  should  be  made  law,  what 
do  you  think  would  be  the  result  ?  t 

G. — I  am  positive  that  there  would  be  an 
immediate  resumption  of  activity  in  every  de¬ 
partment  of  trade.  The  supply  of  money 
would  be  steady,  and  ever  after  financial  pan¬ 
ics  would  only  be  known  as  belonging  to  the 
past.  The  dangerous  power  which  may  now 
be  used  by  a  small  combination  of  “  opera¬ 
tors”  to  “  corner”  the  gold  market  at  their 
pleasure,  thereby  affecting  the  money  market, 
because  of  its  improper  connection  therewith, 
and  seriously  deranging  all  business  affairs, 
could  not  longer  exist. 

B. — Do  you  really  think  that  any  serious 
“  comer”  could  be  effected,  provided  specie 
payments  were  resumed  ? 

G. — Most  assuredly  I  do.  The  situation, 
even  now,  is  very  precarious,  and  if  specie 
payments  were  resumed — which,  I  boldly  pre¬ 
dict,  never  will  be  done  in  this  country — the 
situation  would  be  ten  times  more  hazardous 


than  it  is  at  present.  I  have,  on  many  occa¬ 
sions,  when  in  private  conversation,  called 
the  attention  of  my  friends  to  a  combination 
which  might  znder  such  circumstances  be  ef¬ 
fected  amongsay  only  ten  of  our  wealthiest 
citizens,  wh>jould,  with  specie  payments  re¬ 
sumed,  bring  £out  a  financial  panic  which,  in 
magnitude,  vmld  so  far  exceed  all  that  have 
preceded,  as  to  sink  them  into  comparative 
insignificance 

R . — You  tik  extravagantly. 

G. — It  map  so  appear  to  you,  but  I  believe 
I  know  “wle'eof  I  speak.”  I  believe  I  shall 
make  you  ac  ait,  notwithstanding  your  pre¬ 
judices,  thatn  this  matter,  at  least,  I  am 
correct. 

Strong — Getlemen,  allow  me  tn 
your  attentia  to  the  fact  that  we  have 
already  had  e  longer  interview  than  origi¬ 
nally  agreed  fli,  and  as  I  have  kept  very  quiet, 

I  think  you  ught  to  allow  me  a  few  words 
now.  I  hav<  some  matters  of  business  I 
want  to  talk  about ;  besides,  I  think  it  is 
time  for  Mr.Rbhardson  to  haul  off  for  repairs. 
It  will  be  necessary  for  him  to  read  up 
very  sharp  between  this  and  next  Saturday, 
or  jelse  he  won’t  stand  any  show  at  all. 

2.— Well,  I  declare,  you  are  not  very 
complimentary,  Mr.  Strong.  I  fear  that  you 
are  being  injured  by  listening  to  this  dis¬ 
cussion. 

Strong— I  hope  I  am  not  being  injured 
very  seriously.  I  am  frank  to  confess  that 
I  now  understand  this  financial  matter 
mych  better  than  I  did  three  weeks  ago. 
And  what  is  more,  I  have  fully  made  up 
my  mind  that  it  is  my  duty  to  patronize 
Tbe  Mercantile  Journal.  But  how  is  it  ? 
Do  you  consent  to  give  way  for  my  accom¬ 
modation  ? 

B.— I  assent  to  your  request,  of  course. 


This  Discussion  is  now  being  published  in  The  New  York  Mercantile  Journal, 
We  also  have  the  same  in  press,  together  with  the  various  Loan  Acts  of  the  United  States, 
passed  since  1860,  and  the  National  Bank  Act.  In  one  volume.  Price  50  cents.  Sena 
all  orders  to  The  N.  Y.  Mercantile  Journal  Co.,  No  350  Pearl  Street,  New  York. 

Every  business  man  should  read  these  Laws  with  care.'^ 


